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The global Cardiovascular Monitoring And Diagnostic Devices Market is estimated to be valued at US$ 2,955.1 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiovascular monitoring and diagnostic devices are used to monitor the functioning of the heart and blood vessels. These devices help detect cardiovascular diseases at an early stage and assist in diagnosis and treatment. They offer non-invasive detection of cardiovascular disorders and help improve patient outcomes.
Market key trends:
Rising geriatric population suffering from cardiovascular diseases is driving the growth of the market. According to WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Growing preference for minimally invasive surgeries by patients along with technological advancements leading to development of advanced device integration platforms for precision cardiovascular monitoring is also fueling the market growth. Furthermore, increasing healthcare expenditure and availability of skilled medical professionals is expected to present lucrative opportunities over the forecast period.
Here is the output for the given details:
Market Key Trends
One of the major trends in the cardiovascular monitoring and diagnostic devices market is remote monitoring of patients. With the advancements in telehealth and remote patient monitoring devices, there has been an increase in adoption of devices that can monitor patients outside of the hospitals. This enables continuous monitoring of patients and also reduces burden on healthcare systems. Remote monitoring allows early detection of cardiovascular issues and prevent emergency situations.
SWOT Analysis
Strengths: The cardiovascular monitoring and diagnostic devices market is driven by increasing prevalence of cardiovascular diseases. Advanced technologies are helping provide more accurate diagnosis.
Weaknesses: High cost of advanced deviceslimits their adoption in developing regions. Lack of reimbursement policies for new diagnostic technologies in some countries.
Opportunities: Growth opportunities exist in wearable monitoring devices and remote patient monitoring systems. Demand for affordable point-of-care testing devices is also rising.
Threats: Stringent regulatory processes delay market approval and launch of new products. Data privacy and security concerns with connected diagnostic devices.
Key Takeaways
The global cardiovascular monitoring and diagnostic devices market size was valued at US$ 2,955.1 Mn in 2023 and is expected to reach over US$ 4,000 Mn by 2030, expanding at a CAGR of 10% during the forecast period. North America dominates the global market due to robust healthcare infrastructure and widespread awareness about cardiovascular diseases. With growing geriatric population and increasing healthcare spending, markets in Asia Pacific region will exhibit fastest growth.
The global cardiovascular monitoring and diagnostic devices market is currently dominated by GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group plc., Biotricity Inc., and Bittium Corporation. These companies have strong product portfolio of devices for ECG, holter monitors, diagnostic ECGs, implantable loop recorders, etc. and are also investing in development of remote monitoring solutions.
Regional analysis shows that North America held over 35% of the global cardiovascular monitoring and diagnostic devices market share in 2023 due to growing healthcare investments and rising Cases of cardiovascular diseases. Meanwhile, Asia Pacific market is expected to witness fastest CAGR over the forecast period with countries like China and India emerging as major markets. Improving access to healthcare and growing medical tourism are driving the regional market.
